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Coinbase CEO Considers Leaving California Over Billionaire Wealth Tax

Guavy AI Editorial Team
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Coinbase CEO Brian Armstrong is considering relocating out of California due to the proposed billionaire wealth tax. The tax, which would impose a one-time 5% levy on the net worth of about 200 billionaires in California, has sparked opposition from tech leaders who fear it could drive businesses and wealthy individuals away.

Armstrong argues that additional wealth taxes harm the state and the country, and he is exploring all relocation options. He calls the tax 'deeply un-American' and potentially unconstitutional.

The proposed tax will be on the November ballot, with proceeds aimed at healthcare, food assistance, and education in California.

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